Pinterest (NYSE:PINS) Shares Gap Down Following Analyst Downgrade

Pinterest, Inc. (NYSE:PINS)’s stock price gapped down prior to trading on Thursday after KeyCorp lowered their price target on the stock from $48.00 to $40.00. The stock had previously closed at $32.85, but opened at $31.07. KeyCorp currently has an overweight rating on the stock. Pinterest shares last traded at $31.97, with a volume of 4,482,310 shares traded.

Several other equities analysts also recently commented on PINS. JPMorgan Chase & Co. increased their price target on Pinterest from $34.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, February 9th. Susquehanna increased their price target on Pinterest from $35.00 to $45.00 and gave the company a “positive” rating in a report on Friday, February 9th. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 price target on shares of Pinterest in a report on Friday, February 9th. Roth Mkm increased their price target on Pinterest from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, February 9th. Finally, Stifel Nicolaus increased their price target on Pinterest from $26.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Seven analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, Pinterest presently has a consensus rating of “Moderate Buy” and an average price target of $37.68.

Insider Activity

In other Pinterest news, insider Sabrina Ellis sold 24,410 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $35.49, for a total value of $866,310.90. Following the sale, the insider now owns 500,504 shares in the company, valued at approximately $17,762,886.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Pinterest news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $34.10, for a total value of $65,949.40. Following the sale, the director now owns 33,580 shares in the company, valued at approximately $1,145,078. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sabrina Ellis sold 24,410 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $35.49, for a total value of $866,310.90. Following the completion of the sale, the insider now owns 500,504 shares in the company, valued at approximately $17,762,886.96. The disclosure for this sale can be found here. Insiders have sold 184,471 shares of company stock worth $6,525,231 in the last 90 days. Corporate insiders own 6.85% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC increased its position in shares of Pinterest by 152.3% during the 4th quarter. ARK Investment Management LLC now owns 1,444,579 shares of the company’s stock worth $53,507,000 after purchasing an additional 872,016 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Pinterest by 57.9% during the 4th quarter. Nordea Investment Management AB now owns 882,233 shares of the company’s stock worth $32,766,000 after purchasing an additional 323,547 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Pinterest by 3,402.0% during the 4th quarter. International Assets Investment Management LLC now owns 80,266 shares of the company’s stock worth $2,973,000 after purchasing an additional 77,974 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Pinterest by 53.1% during the 3rd quarter. Acadian Asset Management LLC now owns 3,138,973 shares of the company’s stock worth $84,826,000 after purchasing an additional 1,089,299 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its position in shares of Pinterest by 55.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 174,870 shares of the company’s stock worth $6,477,000 after purchasing an additional 62,117 shares during the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

Pinterest Stock Performance

The stock has a market cap of $21.69 billion, a price-to-earnings ratio of -547.41, a price-to-earnings-growth ratio of 4.53 and a beta of 0.99. The company has a 50-day simple moving average of $34.68 and a two-hundred day simple moving average of $34.16.

Pinterest (NYSE:PINS) last posted its earnings results on Thursday, February 8th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. The business had revenue of $981.26 million for the quarter, compared to analyst estimates of $988.62 million. Pinterest had a positive return on equity of 3.83% and a negative net margin of 1.17%. As a group, sell-side analysts predict that Pinterest, Inc. will post 0.36 earnings per share for the current fiscal year.

About Pinterest

Pinterest, Inc operates as a visual search and discovery platform in the United States and internationally. Its platform allows people to find ideas, such as recipes, home and style inspiration, and others; and to search, save, and shop the ideas. The company was formerly known as Cold Brew Labs Inc and changed its name to Pinterest, Inc in April 2012.